- “Most citizens are consumers, not investors,” he told me during one of our long, occasionally contentious conversations.
Oh really? Most citizens are producers. Most are employed. The produce in echange for pay. The weakthy dont invest and create as a favor to the lower classes any more than than they do the wealthy a favor by selling their labor to them so that they may earn a hefty profit. Also, there is no way the uber wealthy are not bigger consumers than the middle class and poor, person for person. How disingenuous. Edit: Pardon my spelling on my phone...
He makes one point that I think is lost on some, that the superrich spend only a small portion of their wealth on personal comforts; most of their money is invested in productive businesses that make life better for everyone. -Granted, this is cloaked in some major BS about "life better for everyone", but the underlying point that the uber-wealthy don't necessarily have liquid assets is likely true. Just because you're worth $100milion doesn't mean you can go to the bank tomorrow and withdraw $90 million. It's likely tied up in investments that help fund industry. right?
I think there's some truth in what you're saying though. Without excess $ to be risky, would we have had things like CD-Swaps occurring? -Guess I'm done advocating for the beast.